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Regional policy and investment behaviour: The case of Greece, 1971-1982

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  • Louri, Helen

Abstract

The present paper reports an attempt to evaluate the relative effects of regional policy on investment in Greek manufacturing industry during 1971-82. A generalized neoclassical model of investment behaviour is used allowing for separate estimates of the effects of different policy instruments. Both regional investment incentives and infrastructure expenditures were found to exert a significant influence on capital formation. Simulations with alternative policy cornbinations showed that if incentives were accompanied by more equally distributed infrastructure expenditures the cost of the policy would be the same but its effects would be enhanced: an equal amount of investment would be created with a fairer regional distribution.

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File URL: http://mpra.ub.uni-muenchen.de/40229/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 40229.

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Date of creation: 1989
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Handle: RePEc:pra:mprapa:40229

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Related research

Keywords: Regional policy; Investment; Incentives; Greece; Manufacturing;

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References

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  1. Moomaw, Ronald L, 1981. "Productivity and City Size? A Critique of the Evidence [Are There Returns to Scale in City Size?]. [Bias in the Cross Section Estimates of the Elasticity of Substitution]," The Quarterly Journal of Economics, MIT Press, vol. 96(4), pages 675-88, November.
  2. Henderson, J. Vernon, 1986. "Efficiency of resource usage and city size," Journal of Urban Economics, Elsevier, vol. 19(1), pages 47-70, January.
  3. Feldstein, Martin S & Flemming, J S, 1971. "Tax Policy, Corporate Saving and Investment Behaviour in Britain," Review of Economic Studies, Wiley Blackwell, vol. 38(116), pages 415-34, October.
  4. Barry P. Bosworth & Robert M. Solow & Lawrence H. Summers, 1982. "Capital Formation and Economic Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 13(2), pages 273-326.
  5. Segal, David, 1976. "Are There Returns to Scale in City Size?," The Review of Economics and Statistics, MIT Press, vol. 58(3), pages 339-50, August.
  6. Bean, Charles R, 1981. "An Econometric Model of Manufacturing Investment in the UK," Economic Journal, Royal Economic Society, vol. 91(361), pages 106-21, March.
  7. Louri, Helen, 1988. "Urban growth and productivity: the case of Greece," MPRA Paper 29934, University Library of Munich, Germany.
  8. Bernanke, Ben S, 1983. "The Determinants of Investment: Another Look," American Economic Review, American Economic Association, vol. 73(2), pages 71-75, May.
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Cited by:
  1. Benos, Nikos & Karagiannis, Stelios, 2013. "Do Cross-Section Dependence and Parameter Heterogeneity Matter? Evidence on Human Capital and Productivity in Greece," MPRA Paper 53326, University Library of Munich, Germany.

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